Investment Banking Salary 2026: Analyst to MD Breakdown
Investment banking salaries in 2026 remain among the highest in professional services. While base salaries have stabilized after the post-COVID surge, total compensation at the top banks (Goldman Sachs, Morgan Stanley, JP Morgan) still reaches $500K–$20M+ for senior roles.
Salary by Level
| Level | Base Salary | Bonus (Typical) | Total Compensation | Years of Experience |
|---|---|---|---|---|
| Analyst (1st year) | $110K–$130K | $50K–$100K | $160K–$230K | 0–2 |
| Analyst (2nd year) | $120K–$140K | $60K–$120K | $180K–$260K | 1–2 |
| Analyst (3rd year) | $130K–$150K | $70K–$150K | $200K–$300K | 2–3 |
| Associate (1st year) | $175K–$225K | $100K–$200K | $275K–$425K | 3–5 |
| Associate (3rd year) | $200K–$250K | $150K–$300K | $350K–$550K | 5–7 |
| Vice President (VP) | $250K–$350K | $200K–$500K | $450K–$850K | 6–10 |
| Senior Vice President (SVP) | $300K–$400K | $300K–$700K | $600K–$1.1M | 10–15 |
| Managing Director (MD) | $400K–$600K | $500K–$2M+ | $900K–$2.6M+ | 15+ |
| Senior MD/Partner | $500K–$1M | $2M–$20M+ | $2.5M–$21M+ | 20+ |
Bonus Multiples by Bank Tier
| Bank Tier | Analyst Bonus | Associate Bonus | VP Bonus | MD Bonus |
|---|---|---|---|---|
| Bulge bracket (GS, MS, JPM) | 50–100% of base | 60–120% of base | 75–150% of base | 150–400%+ |
| Elite boutique (Evercore, Lazard) | 80–150% of base | 100–200% of base | 150–300% of base | 200–500%+ |
| Middle market | 40–80% of base | 50–100% of base | 60–120% of base | 100–300% |
Compensation by City
| City | Base Salary Adjustment | Cost of Living | Net Savings Potential |
|---|---|---|---|
| New York | Baseline (100%) | Very high | Low (high taxes, rent) |
| London | 80–90% of NYC | High | Low (high taxes) |
| Hong Kong | 90–110% of NYC | Very high | Medium (low taxes) |
| Dubai | 70–85% of NYC | Medium | Very high (zero tax) |
| Singapore | 80–90% of NYC | High | Medium (low taxes) |
Exit Opportunities
| Level | Common Exits | Typical Compensation |
|---|---|---|
| Analyst → Private Equity | Mega-fund (KKR, Blackstone) | $300K–$500K |
| Associate → Hedge Fund | Multi-manager (Citadel, DE Shaw) | $500K–$2M+ |
| VP → Corporate Development | Fortune 500 | $400K–$700K |
| MD → Venture Capital | Top-tier VC | $500K–$5M+ |
Frequently Asked Questions
How much do investment bankers make?
First-year analysts earn $160K–$230K. Managing directors earn $900K–$2.6M+. Senior MDs/partners can earn $5M–$20M+ in top years.
Which bank pays the most?
Elite boutiques (Evercore, Lazard, Centerview) pay the highest bonuses relative to base. Bulge brackets (GS, MS, JPM) offer more stability and brand recognition.
How much do investment bankers make in London?
80–90% of NYC base salaries, with similar bonus multiples. Total comp is lower due to higher UK taxes.
Is investment banking worth it?
For compensation and exit opportunities, yes — IB offers the fastest path to a high income for top graduates. For work-life balance, no — expect 80–100 hour weeks as an analyst.
Last updated: July 2026. Compensation figures are estimates. Verify with current employees and industry reports.